Title
NZDUSD H1 I Potential Bearish Breakout
Type
Bearish Reversal
Preference:
The price is falling toward the pivot level at 0.6021, an overlap support. A breakout from this level could lead the price toward the 1st support at 0.5991, an overlap support that aligns closely with the 61.8% Fibonacci retracement.
Alternative Scenario:
If price bounces off the pivot, it could rise toward the 1st resistance at 0.6053, a swing high resistance.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.